Joe Biden has big plans for the country if he is elected as president. Whether he remembers what they are should he get into the White House is another story.
However, there will be plenty of liberal lackeys to remind him how he is going to destroy the economy and leave countless Americans without a job. That’s their plan, after all. They want to tear the country down before they build it back up to their socialist utopia.
Biden’s proposing to hike the tax rate on corporations and wealthy Americans alike. That sounds great until you realize what it could do – shrink the economy and destroy millions of jobs.
Casey Mulligan, the former chief economist for President Trump, has some concerns based on various projections.
According to a report that will be published soon, Biden’s increase in tax rates on capital and labor income could have a number of problematic side effects. Businesses will need to save money somehow, so it will result in about 3 million fewer full-time employees. The GDP could be reduced by 4 to 5 percentage points, too.
The overall impact could be around $8,000 per US household, per year.
No one wants to lose this kind of money – yet Biden is saying things that he thinks that the American people want to hear. He says it without really thinking about how it’s going to impact the economy. It comes down to being fiscally irresponsible. He doesn’t look at what his changes could do – it’s the opposite of what Trump is doing, so it has to be good, right?
Mulligan explains that Biden’s agenda has tax components that will increase marginal tax rates on both capital income and labor.
So, the real question is, why would Biden feel the need to unveil this kind of agenda? He believes that higher taxes on wealthy US households will provide funding for a multi-trillion-dollar agenda. Any corporation or household making over $400,000 would be subject to the higher taxes.
Approximately 80% of the tax increase would fall on the top 1% of earners. However, the corporate tax rate would jump significantly from 21% to 28%. A 7% increase is dramatic – and corporations would feel it.
Further, this isn’t something that he wants to ease into. It’s not like the 7% increase would happen over the course of several years. He is talking about an immediate tax hike on “day one” if he wins the election – and he doesn’t care what the unemployment rate is when he does it, either.
Biden told Jake Tapper of CNN, “The reason I’d make the changes to corporate taxes, it can raise $1.3 trillion if they just started paying 28% instead of 21%. What are they doing? They’re not hiring more people.”
Even if the corporations aren’t hiring more people, a 7% tax cut would involve them not only hiring less but getting rid of some of the salaries that they do have.
All of the improvements that have been seen throughout the Trump administration would be eliminated. Prior to the pandemic, the Trump administration had boosted the economy. The unemployment rate was lower, taxes were helping to bring the country out of the national deficit, and everything was running smoothly.
There is no reason for Biden to mess with a good system – except that he wants his name on the good economy. He plans on rolling back quite a few changes made by Trump, including the Tax Cuts and Jobs Act.
Biden has to stop listening to all of the liberals whispering in his ear that everything that Trump has done is bad. He is so quick to make changes that he will single-handedly bring the economy crashing down.
The Democrats don’t understand how dangerous this can be simply because they are used to overspending. However, the fiscally responsible GOP is terrified at the possibilities that Biden’s tax hikes could bring.